State Street cuts fees, renames 15 ETFs
Reductions range from five to 48 basis points and three funds will track new indexes.
State Street Global Advisors has lowered the expense ratio of 15 of its exchange-traded funds – one by 48 basis points – and renamed them SPDR Portfolio ETFs.
Three of the funds will track new indexes, SSGA said in a release.
Expense ratios now range from 0.03% to 0.06% for many of the broad-based ETFs, often lower by five to 10 basis points than their original versions. The expense ratio of the SPDR Portfolio Emerging Markets ETF, by contrast, is now 0.11%, compared with expenses of 0.59% for the SPDR S&P Emerging Markets ETF which it replaces.
“Each fund in the SPDR Portfolio suite is priced equal to or below the lowest fee ETF in the category,” said Rory Tobin, co-head of the global SPDR business at SSGA.
The 15 SPDR portfolio ETFs will be available to trade commission-free as part of TD Ameritrade’s expansion of its ETF Market Center, which was announced today.
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